Global and macroeconomic concerns, from rising US inflation to the prospect of Russia invading Ukraine, continue to cause financial market volatility.
To the surprise of many analysts, the mood of the crypto market is positive on February 15 after Bitcoin (BTC) has risen to $ 44,500 and Ethereum (ETH) has regained support at $ 3,100. Shifted to.
Ethereum prices rose 11.4% to a high of $ 3,148 per day after bouncing a low of $ 2,826 early in trading hours on February 15, according to data from Cointelegraph Markets Pro and TradingView. ..
This shows what some traders in the market are saying about recent Ether price behavior and what is noteworthy in the coming weeks.
Ether is in the heavy resistance zone
The tough resistance facing Ether was addressed in a tweet by independent market analyst Michael van de Poppe. Post The following chart outlines the major support and resistance zones of Top Altcoin.
Vande Poppe said,
“Ethereum, like Bitcoin, was rejected with weekly order blocks and heavy resistance zones, and that week turned into a red candle. I think this will break because of uncertainty next week. No, I’m expecting a lower test.
Bulls can take advantage of reverse head and shoulder patterns
Cryptographic trader and pseudonym Twitter user Phoneix has provided a more positive view of the future. Post The following chart provides one possible trajectory for Ethereum prices.
Phoenix said,
“You play Ether this way, right?”
Related: Bitcoin soars to $ 44.5K in a new warning about “very high” stock correlation
Bitcoin and Ether have similar daily charts
The final insight into Ether’s long-term pricing structure was taken up by trader Glen Goodman, the author of CryptoTrader.a good man Post The following chart compares the reverse head and shoulder formations on the BTC and Ether charts, stating that “the head and shoulder pattern is nearing completion.”
Goodman said,
“Some concerns-the patterns are a bit slanted and irregular ….. and there are also small problems in Ukraine. Wars tend to ruin great chart patterns.”
The overall market capitalization of cryptocurrencies is currently $ 1.978 trillion and Bitcoin’s dominance is 42.2%.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and transaction movements carry risks. When making a decision, you need to do your own research.
